A Any insurance policy which covers two or more lines or types of insurance in the same policy. More, such as a homeowners or business A written contract of insurance. More, that provides coverage against several different perils. It also refers to the combination of property and liability coverage in one Legally binding contract effecting insurance or certificates thereof, including all clauses, riders, endorsements and renewals. More. In the early days of insurance, coverages for property damage and liability were purchased separately.